The social media company Reddit debuted Thursday on the New York Stock Exchange, at one point soaring 70% in its highly anticipated IPO. Reddit stock opened at $47 per share, well above the $34 IPO price. It went as high as almost $58, before closing at about $50 — up 48% on its first day.
After closing at record highs on Wednesday, all three major stock market indexes rallied on Thursday. The Dow Jones Industrial average got close to reaching 40,000 points for the first time in its 128-year history, but didn’t quite make it. The Dow closed up about 260 points, or 0.7%, to 39,781.50. The S&P 500 climbed 0.3%, and the Nasdaq edged up 0.2%.
Bullish sentiment was prevalent in both stock and crypto markets on Thursday, after the Federal Reserve on Wednesday kept investors’ hopes alive for interest rate cuts later this year. The Swiss National Bank’s surprise interest rate cut also boosted stocks.
Micron leads a chip stock rally
Chip makers were among the top performers on Thursday. After the release of its second-quarter earnings on Wednesday, Micron stock closed up 14%, ending the day at about $110 per share. Western Digital and Super Micro Computer rose about 5% and 8%, respectively.
The rally also reached the ETF market, where the iShares Semiconductor ETF, which follows the ICE Semiconductor Index, rose about 2.2%.
Apple, Accenture, and Paramount all slip
Apple stock closed down 4% after the Justice Department brought an anti-trust suit against the company, accusing it of abusing an iPhone and App Store monopoly that harms consumers, developers, and competitors.
IT company Accenture was also among the losers . It reported second-quarter earnings that beat Wall Street expectations but lowered its full-year revenue outlook, resulting in a drop in its stock price. Accenture stock closed down 9.3%.
Paramount Global stock has been on a roller coaster. The company’s shares jumped 12% on Wednesday following the news that the media company received an $11 billion offer for its TV and film studio from private equity firm Apollo. But the stock closed down 5.5% on Thursday after the The Financial Times reported that the private equity offer did not convince shareholder Shari Redstone.